The itemize deductions of a taxpayers in high income brackets will be limited to the lesser...
Homework Answers
D.$200,534
$200,534 is the threshold limit for 2019. This is also threshold for married tax payer filing seperately and single tax payers. So the answer is Option D
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itemize deductions of a taxpayers in high income brackets will be
limited to the lesser...
The itemized deductions of taxpayers in high-income brackets will be limited to the lesser of 6%...
The itemized deductions of taxpayers in high-income brackets will be limited to the lesser of 6% of the excess of adjusted gross income over the threshold amount or 80% of the amount of itemized deductions otherwise allowable for the tax year. For 2018, the California threshold is what amount for a single taxpayer? A. $159,702B. $177,730C. $182,615D. $194,504
Assume each of the following taxpayers itemizes deductions in 2017. Then, choose the response that best...
Assume each of the following taxpayers itemizes deductions in 2017. Then, choose the response that best describes a taxpayer whose deductions will be limited for certain expenses. Michelle, a single taxpayer, had adjusted gross income of $250,000. Jose files head of household. His adjusted gross income was $285,000. Samuel's adjusted gross income was $95,000. He is married but files a separate return. Tim files a joint return with his wife, Shannon. Their adjusted gross income was $315,000.
Data are given below on the adjusted gross income x and the amount of itemized deductions taken by taxpayers. Data were reported in thousands of dollars. With the estimated regression equation = 4.68...
Data are given below on the adjusted gross income x and the amount of itemized deductions taken by taxpayers. Data were reported in thousands of dollars. With the estimated regression equation = 4.68 + .16x, the point estimate of a reasonable level of total itemized deductions for a taxpayer with an adjusted gross income of $52.5 thousand is $13.08 thousand. Adjusted Gross Income($1000s) Reasonable Amount of Itemized Deductions ($1000s) 22 9.6 27 9.6 32 10.1 48 11.1 65 13.5 85...
2. Harriet and Harry are married and have a total gross income of $65,000. Their allowable...
2. Harriet and Harry are married and have a total gross income of $65,000. Their allowable deductions or adjusted gross income total $1,500, and they have $4,400 of allowable itemized deductions What are Harriet and Harry's taxable income and income tax liability? Table 1. Tax Brackets and Rates, 2019 Rate For Unmarried Individuals, Taxable Income Over For Married Individuals Filing Joint Returns, Taxable income Over For Heads of Households, Taxable Income Over 10% Se $0 12% $9,700 $19,400 $13,850 $78,950...
Calculate the 2017 total tax for Gordon Geist, a single taxpayer without dependents and no itemized deductions. He has active income of $43,000, a short-term capital gain income of $4,400 from the sa...
Calculate the 2017 total tax for Gordon Geist, a single taxpayer without dependents and no itemized deductions. He has active income of $43,000, a short-term capital gain income of $4,400 from the sale of stock, and S6,400 from book royalties. What is Gordon's average tax rate? Gordon's total gross income for the 2017 tax year is (Round to the nearest cent) Assuming Gordon's filing status is single, his standard deduction for the 2017 tax year is (Enter the amount to...
Loriann, a single taxpayer, had the following income and deductions for the tax year 2018: ick...
Loriann, a single taxpayer, had the following income and deductions for the tax year 2018: ick he icon to view he income and deductions Click the con towe w the standard deduction amounts ick the con to view the 2018 tax rate schedule for the Single ling status Read the requirements Requirement a. Compute Loriann's taxable income and federal tax liabilty for 2018 First calculate the gross income, then calculale taxable income and the federal tax iability. (Calculate the tax...
Loriann, a single taxpayer, had the following income and deductions for the tax year 2019 First...
Loriann, a single taxpayer, had the following income and
deductions for the tax year
2019
First calculate the gross income, then calculate taxable income
and the federal tax liability. (Calculate the tax using the tax
rate schedule. Do not round interim tax calculations. Round the
amount entered into the cell to the nearest whole dollar. If an
input field is not used in the table, leave the input field
empty; do not select a label or enter a zero.)
INCOME:...
Theodore, age 74, and Maureen, age 59, are married taxpayers with two dependents. Their adjusted gross...
Theodore, age 74, and Maureen, age 59, are married taxpayers with two dependents. Their adjusted gross income for the 2019 tax year is $43,600, and they have itemized deductions of $7,800. Determine the following for Theodore and Maureen's 2019 income tax return: a. The greater of the amount of their standard deduction or their itemized deductions b. Their taxable income
Question 25 5 pts John and Margaret are married taxpayers. They are both under age 65...
Question 25 5 pts John and Margaret are married taxpayers. They are both under age 65 and in good health. For 2019, they have $55,000 in wages and $600 in interest income. John and Margaret's deductions for adjusted gross income amount to $5,900 and their itemized deductions equal $15,950. What is the amount of their adjusted gross income? 49,700 What is the amount of their itemized deductions OR standard deductions that they should use? [Select ] What is their 2019...
In 2019, Richard, a single taxpayer, has adjusted gross income of $40,200. His AGI includes $4.000...
In 2019, Richard, a single taxpayer, has adjusted gross income of $40,200. His AGI includes $4.000 of qualified dividends. Richard does not itemize deductions. What is his 2019 federal income tax? O A. $3,166 O B. $2,686 OC. $3,286 OD. None of the above. Click to select your answer. ^ f 3 6:59 PM
2. Harriet and Harry are married and have a total gross income of $65,000. Their allowable deductions or adjusted gross income total $1,500, and they have $4,400 of allowable itemized deductions What are Harriet and Harry's taxable income and income tax liability? Table 1. Tax Brackets and Rates, 2019 Rate For Unmarried Individuals, Taxable Income Over For Married Individuals Filing Joint Returns, Taxable income Over For Heads of Households, Taxable Income Over 10% Se $0 12% $9,700 $19,400 $13,850 $78,950...
Calculate the 2017 total tax for Gordon Geist, a single taxpayer without dependents and no itemized deductions. He has active income of $43,000, a short-term capital gain income of $4,400 from the sale of stock, and S6,400 from book royalties. What is Gordon's average tax rate? Gordon's total gross income for the 2017 tax year is (Round to the nearest cent) Assuming Gordon's filing status is single, his standard deduction for the 2017 tax year is (Enter the amount to...
Loriann, a single taxpayer, had the following income and deductions for the tax year 2018: ick he icon to view he income and deductions Click the con towe w the standard deduction amounts ick the con to view the 2018 tax rate schedule for the Single ling status Read the requirements Requirement a. Compute Loriann's taxable income and federal tax liabilty for 2018 First calculate the gross income, then calculale taxable income and the federal tax iability. (Calculate the tax...
Loriann, a single taxpayer, had the following income and
deductions for the tax year
2019
First calculate the gross income, then calculate taxable income
and the federal tax liability. (Calculate the tax using the tax
rate schedule. Do not round interim tax calculations. Round the
amount entered into the cell to the nearest whole dollar. If an
input field is not used in the table, leave the input field
empty; do not select a label or enter a zero.)
INCOME:...
Question 25 5 pts John and Margaret are married taxpayers. They are both under age 65 and in good health. For 2019, they have $55,000 in wages and $600 in interest income. John and Margaret's deductions for adjusted gross income amount to $5,900 and their itemized deductions equal $15,950. What is the amount of their adjusted gross income? 49,700 What is the amount of their itemized deductions OR standard deductions that they should use? [Select ] What is their 2019...
In 2019, Richard, a single taxpayer, has adjusted gross income of $40,200. His AGI includes $4.000 of qualified dividends. Richard does not itemize deductions. What is his 2019 federal income tax? O A. $3,166 O B. $2,686 OC. $3,286 OD. None of the above. Click to select your answer. ^ f 3 6:59 PM
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